THE PALMER | 110 UNITS

The Palmer is a 110-unit luxury apartment community located on Philadelphia’s “Main Line” a highly sought-after suburban location. The Palmer is a four-story, 121,000-square-foot building designed by renowned architect Horace Trumbaur. The property combines historic charm with modern features to offer a one-of-a-kind multifamily building in an A+ location. An attractive unit mix is in place with just under 40% of the apartment units being two or three bedrooms. The property is highly amenitized with an outdoor saltwater pool, resident lounge with a chef’s kitchen, fitness center, community garden, library, and enclosed dog park.

The apartment units feature in-unit washers and dryers, stainless steel appliances, and hardwood flooring. The kitchens are modern, with islands and quartz countertops, while the bathrooms feature lavish finishes such as tile showers and floating vanities. The combination of old-world charm, new high-end finishes, and an extensive amenity package separates this property from its competitors. 

In-place rents are significantly below market. The Palmer’s average one-bedroom units rent for $1,604 while the average two-bedroom rents for $2,064 monthly. Given the competitive market rent survey (see page 38), the rents range from $1,950 to $3,800 for a one-bedroom unit while two-bedroom units can range from $2,550 to over $4,000 per month. This offers significant upside potential to a new buyer with minimal work needed for units to achieve these rents.

Situated directly on Lancaster Avenue, The Palmer is a short distance from Downtown Philadelphia. Residents enjoy convenient access to Center City as well as the shops and restaurants the Main Line has to offer. The Property is within walking distance of a SEPTA Station for regional rail lines to Center City and University City in under 15 minutes or stops along the Main Line out to Malvern heading west Lankenau Hospital (2,000+ employees) and Saint Joseph’s University (1,900+ employees) are excellent sources of tenants for the Property. 

This offering presents a truly unique opportunity to acquire a historic building with modern amenities and a significant rental upside in one of Philadelphia’s most highly sought-after locations.